Loan Lawyers is one of the few law firms in the State of Florida that sue banks for Truth in Lending Act violations in Broward, Miami-Dade, and Palm Beach. Our TILA attorneys sue banks for recently enacted Dodd-Frank amendments to TILA. The Dodd-Frank amendments helped level the playing field for the consumer. Banks have lied time and time again about who own loans and have committed forgeries in many foreclosure cases. A prime example of this is the “robosigning” scandal. Our lawyers sue banks for committing two specific violations. First, the law requires that when a loan is transferred to a new creditor, the new creditor must provide notice to the borrower. The second violation that our TILA lawyers sue banks for occurs when a borrower asks the loan servicer for the name, address, and phone number of the loan owner or master servicer and the servicer fails to comply.
Who owns my mortgage loan?
FAILURE TO DISCLOSE LOAN OWNER INFORMATION - TILA VIOLATION
TILA - 15 U.S.C. §1641(f)(2) states in part:
Under written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address and telephone number of the owner of the obligation or the master servicer of the obligation.
This provision is a powerful tool to catch the banks in a lie. Banks often file a foreclosure and state that they are the owner of the loan. Then, we send a request pursuant to 15 U.S.C. §1641(f)(2) and we get different information. This may catch the bank in a lie and prove in the foreclosure that they are not the owner. This is exactly why this statute was enacted. It’s another tool for the homeowner to get to the truth behind who owns their loan. If there is one thing we have learned from years of helping homeowners it’s that banks lie, steal, and cheat.
If the bank fails to respond to this request, the homeowners can sue the loan owner for the servicer’s failure to provide this information. If the lawsuit is successful, the homeowner is entitled to $400 to $4,000 in damages plus attorneys’ fees and costs. These lawsuits can be tricky because TILA was not very well written. The obligation to provide this information is on the servicer, but the liability is on the owner. The loan owners argue in court that TILA does not state that the loan owner is responsible for the servicer, but the trend in Federal court has been to impose liability. In fact, one of our TILA lawyers was successful in beating the bank on this issue and was the first victory for the homeowner in Florida. You can read about it here.
You do not have to be in foreclosure or even be behind on your mortgage to make this request and sue the bank if necessary. Our TILA lawyers represent homeowners on contingency for these matters, which means that we will help you find out who owns your loan without you paying any attorneys’ fee or costs. If the bank fails to provide the identity of your loan owner after we send the request, we will sue them for you. We will not get any attorneys’ fees or costs unless we beat the bank, and even then, the bank pays us, not you.
So, if you just want to know who owns your mortgage loan, whether you are behind on payments or not, call us today. It will not cost you anything to have us find out who owns your mortgage loan. This is information every homeowner should know. Call us now to schedule your free consultation with one of our TILA lawyers in Broward (Fort Lauderdale/Plantation), Miami-Dade (North Miami Beach & Coral Gables) and Palm Beach (Delray Beach).
Who was my mortgage loan sold to?
NEW CREDITOR NOTICE VIOLATIONS
TILA - 15 U.S.C. § 1641(g) states:
- the identity, address, telephone number of the new creditor;
- the date of transfer;
- how to reach an agent or party having authority to act on behalf of the new creditor;
- the location of the place where transfer of ownership of the debt is recorded; and
- any other relevant information regarding the new creditor.
(g) Notice of new creditor
We have seen banks that violate this provision routinely. Loans are often legally transferred just days before a foreclosure and the new creditor fails to provide the required information. We view this as a TILA violation and usually will file a lawsuit against the new creditor. If successful, the homeowner is entitled to $400 to $4,000 plus attorneys’ fee and costs. If your foreclosure lawyer is not suing the bank for this violation, you are throwing money away and giving up a nice opportunity to save your home. Plus, these lawsuits may lead to settlements for the foreclosure which could include a nice principle reduction. Our TILA lawyers are available for free consultation in Broward (Fort Lauderdale/Plantation), Miami-Dade (North Miami Beach & Coral Gables) and Palm Beach (Delray Beach).